The cost of insuring Romania's 5-year sovereign debt increased to 4.2% in Q3 from 2.45% in Q2, according to calculations of CMA Datavision based on CDS trading, Mediafax informed. The cumulative probability of default for the next five years increased to 26.2% in Q3 from 16.2% in Q2. The deterioration in the perceived riskiness of Romania's sovereign debt has a visible impact on the Treasury's plans for imminent bond issues on the foreign markets, but also on the cost of domestic financing on the local credit market. The interest rates for new (euro-denominated) loans on the local market, where they account for some 60% of the stock of loans, are closely correlated with the CDS pricing. We recall that Romania plans to issue a USD bond toward the end of this year, as part of the medium-term notes programme. |
Romania's government has earmarked RON 163mn (EUR 37mn) worth of subsidies for 2013 under a programme aimed at closing down the loss-making mines of local company CNH located in the southwestern ... more
Romanian state-controlled hydropower company Hidroelectrica sold on Thursday, March 21, in several separate contracts a total of 0.3TWh of baseload electricity deliverable between April 1 and the ... more
The Romanian government will publish the privatisation call for freight railway company CFR Marfa immediately after the consultants complete their work, probably on April 6-8, Romanian transport ... more